Cadence Design Systems (NASDAQ:CDNS) had its price target boosted by Needham & Company LLC from $60.00 to $64.00 in a research report report published on Thursday, The Fly reports. They currently have a buy rating on the software maker’s stock.

Several other research firms have also recently weighed in on CDNS. ValuEngine upgraded shares of Cadence Design Systems from a buy rating to a strong-buy rating in a report on Saturday, February 23rd. Zacks Investment Research upgraded shares of Cadence Design Systems from a hold rating to a strong-buy rating and set a $63.00 price target on the stock in a report on Friday, February 22nd. DA Davidson boosted their target price on shares of Cadence Design Systems to $62.00 and gave the company a buy rating in a research note on Wednesday, February 20th. BidaskClub upgraded shares of Cadence Design Systems from a buy rating to a strong-buy rating in a research note on Friday, February 15th. Finally, Berenberg Bank began coverage on shares of Cadence Design Systems in a research note on Tuesday, November 20th. They issued a hold rating and a $50.00 target price on the stock. Three investment analysts have rated the stock with a hold rating, four have assigned a buy rating and three have issued a strong buy rating to the company’s stock. Cadence Design Systems presently has an average rating of Buy and a consensus price target of $54.88.

NASDAQ:CDNS opened at $60.99 on Thursday. The company has a quick ratio of 1.30, a current ratio of 1.34 and a debt-to-equity ratio of 0.27. The stock has a market cap of $17.15 billion, a PE ratio of 49.59, a price-to-earnings-growth ratio of 3.61 and a beta of 1.10. Cadence Design Systems has a one year low of $35.49 and a one year high of $62.17.

Cadence Design Systems (NASDAQ:CDNS) last posted its earnings results on Tuesday, February 19th. The software maker reported $0.35 EPS for the quarter, topping the consensus estimate of $0.29 by $0.06. Cadence Design Systems had a net margin of 16.17% and a return on equity of 28.36%. The company had revenue of $569.90 million during the quarter, compared to the consensus estimate of $550.22 million. During the same period in the previous year, the firm posted $0.39 earnings per share. The firm’s revenue for the quarter was up 13.6% on a year-over-year basis. On average, equities analysts predict that Cadence Design Systems will post 1.4 earnings per share for the current fiscal year.

In other Cadence Design Systems news, VP Surendra Babu Mandava sold 3,306 shares of the business’s stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $58.46, for a total value of $193,268.76. Following the transaction, the vice president now directly owns 232,518 shares in the company, valued at $13,593,002.28. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Thomas P. Beckley sold 37,855 shares of the business’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $58.90, for a total transaction of $2,229,659.50. Following the completion of the transaction, the insider now owns 220,618 shares in the company, valued at $12,994,400.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 232,953 shares of company stock worth $11,907,228. Corporate insiders own 2.28% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. M&T Bank Corp raised its position in shares of Cadence Design Systems by 1.2% in the fourth quarter. M&T Bank Corp now owns 17,805 shares of the software maker’s stock valued at $775,000 after purchasing an additional 213 shares during the period. Thrivent Financial for Lutherans raised its position in shares of Cadence Design Systems by 1.8% in the fourth quarter. Thrivent Financial for Lutherans now owns 12,322 shares of the software maker’s stock valued at $536,000 after purchasing an additional 217 shares during the period. Covington Capital Management raised its position in shares of Cadence Design Systems by 27.3% in the fourth quarter. Covington Capital Management now owns 1,400 shares of the software maker’s stock valued at $61,000 after purchasing an additional 300 shares during the period. Fort L.P. raised its position in shares of Cadence Design Systems by 1.7% in the fourth quarter. Fort L.P. now owns 23,768 shares of the software maker’s stock valued at $1,033,000 after purchasing an additional 402 shares during the period. Finally, Bessemer Group Inc. raised its position in shares of Cadence Design Systems by 51.9% in the fourth quarter. Bessemer Group Inc. now owns 1,344 shares of the software maker’s stock valued at $59,000 after purchasing an additional 459 shares during the period. Hedge funds and other institutional investors own 86.89% of the company’s stock.

About Cadence Design Systems

Cadence Design Systems, Inc provides electronic design automation software, emulation and prototyping hardware, system interconnect, and analysis worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel simulation platform; Palladium Z1, a verification computing platform; and Protium S1 field-programmable gate array prototyping platform.

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